Olimpia's new financial structure

Milan, September 27th, 2001 - The Extraordinary General Meeting of the Shareholders of Olimpia S.p.A., who met today following the meeting of the Board of Directors, approved, amongst other things, the issue of two bonded loans.

These issues, described below, are part of the financing operations previously presented to the market on September 19th, following the agreements reached with shareholders representing the majority shareholding of Bell.

First bonded loan
- An amount equal to Euro 1,032,920,000 with a duration of 6 years, at a fixed interest rate of 1.5% per year and wholly payable on expiry, against reimbursement of 263.500.000 shares in Olivetti, at a ratio of 1 Olivetti share per bond at a nominal value of Euro 3.92 each. This loan is to be underwritten by Bell (as guaranteed by its majority shareholders Hopa SpA, G.P.P. International SA, Interbanca SpA, Banca Antoniana Popolare Veneta Scarl, G.P. Finanziaria SpA, Monte dei Paschi di Siena SpA and Unipol SpA) who will at the same time pay to Olimpia the capital amount in Euro equivalent to 2,000 billion lira.

Second bonded loan
- An amount equal to a maximum of Euro 260,000,000 with a duration of 5 years at a fixed rate of 3% to be paid on the date of reimbursement using the " Zero Coupon" formula. This loan is to be underwritten by the Monte dei Paschi di Siena Group, and will contain a clause allowing the underwriter the option to request on expiry, in place of reimbursement in cash, payment in ordinary TIM-Telecom Italia Mobile SpA. Olimpia will take steps to secure the necessary cover on the market. This operation will not involve the portfolio of TIM shares owned by Telecom Italia. The task of fully defining the conditions of the loan in question (in particular as regards the manner of guaranteeing reimbursability of the loan in shares) was delegated to the Chairman of the company.

The definition of the additional financing measures also announced on September 19th is currently under review.

In its ordinary session the General Meeting of Shareholders also approved (following the agreements reached with UniCredito Italiano and IntesaBCI for the admission of these institutions into the capital of Olimpia) the nomination of three new directors, previously appointed by the Board of Directors, in the persons of Dr. Lino Benassi (representing IntesaBCI SpA), Dr. Alessandro Profumo (representing UniCredito Italiano SpA) and Dr. Alberto Pirelli.